LEONARD, Issue 1, October 2011

ISSUE ONE / OCTOBER 2011

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Cover An exhibiton quality pair of 19th century Sevres style ormolu mounted porcelain lidded vases Sold June 2011 for $40,800 (IBP)

Leonard Joel Specialists John Albrecht, Managing Director Phone 0413 819 767 Email john.albrecht@leonardjoel.com.au ART

Briar Williams, Head of Art Phone 03 8825 5608 Email briar.williams@leonardjoel.com.au Jon Dwyer, Senior Adviser to the Art Department Phone 0402 751 610 Email jon.dwyer@leonardjoel.com.au JEWELLERY

John D’Agata, Head of Jewellery Phone + 61 (0) 3 8825 5605 Email john.dagata@leonardjoel.com.au DECORATIVE ARTS AND DESIGN

Guy Cairnduff, Head of Classic Furniture, Objects and Design Phone +61 (0) 3 8825 5611 Email guy.cairnduff@leonardjoel.com.au COLLECTABLES

Giles Moon, Head of Collectables and Books Phone + 61(0) 3 8825 5635 Email giles.moon@leonardjoel.com.au BOOKS AND MANUSCRIPTS

Giles Moon, Head of Collectables and Books Phone + 61(0) 3 8825 5635 Email giles.moon@leonardjoel.com.au PRE–OWNED LUXURY

John D’Agata, Head of Jewellery Phone + 61 (0) 3 8825 5605 Email john.dagata@leonardjoel.com.au THE SPECIALIST COLLECTOR

Guy Cairnduff, Head of The Specialist Collector Phone +61 (0) 3 8825 5611 Email guy.cairnduff@leonardjoel.com.au THE WEEKLY AUCTION

Shawn Mitchell, Head of Weekly Auctions Phone + 61 (0) 3 8825 5615 Email shawn.mitchell@leanardjoel.com.au VALUATION SERVICES

Monique Le Grand Phone + 61 (0) 3 8825 5620 Email monique.legrand@leonardjoel.com.au

LEONARD JOEL Primary Salerooms 333 Malvern Road, South Yarra, Victoria 3141 Australia

Photography

Tel: +61 (0) 3 9826 4333

Rick Merrie

Fax: +61 (0) 3 9826 4544

INTRODUCTION

HELLO! I’M LEONARD INTRODUCTION BY JOHN ALBRECHT, MANAGING DIRECTOR LEONARD JOEL When I was first asked to write the introduc- than two decades ago I was lucky to have – 1985 will more than likely define this next even attend an auction let alone purchase at tion for our first edition of Leonard I was found a position there and be part of some half century of collecting for us all.

one, so dominated were they by “those in the

quite frankly not at all sure what I’d be writ- extraordinary moments – the sale of Rupert Auction houses are not only very social and know” that populated them. ing about. From my first visit in the 1970s Bunny’s “Une Nuit De Canicule” for more very interesting places to acquire but they In 2011 Leonard Joel retains the expertise Leonard Joel has grown to mean a lot to me than $1,000,000 to Alan Bond and the disper- are also very busy and very rushed – except and soul of a great auction house. To attend but Leonard is new and so what it means is sal of Christopher Skase’s Qintex Collection for those wonderful little periods known as one of our auctions or viewings is to very something very different. But having taken were more than exciting moments for me to viewing days! One challenge every auction much sample how an auction house funcon the exciting but exhausting task of editing witness, they were little pieces of Australian house faces is this sheer “busyness” of the tioned in the 19th century. But if there is the first issue, I can say that I have a better social history. This is one of the very special auction process – from set up to viewing to one thing we are committed to at Leonard idea of what I think Leonard will become elements of the auction experience – it is, auction and then collection, it is nothing like Joel for this new century it is to provide all for the clients and friends of Leonard Joel exceedingly social and fun! So to love being a shopping stroll along Collins Street. New the expertise and excitement of an auction and Melbourne more broadly. Let me begin an auctioneer and owning an auction house clients and even existing ones can sometimes house in a completely fresh and open manthough with this extraordinary 92 year old is to enjoy the sport of transacting all manner find the pace as daunting as it is addictive. So ner. Complicated bidding forms and tightly auction house known as Leonard Joel.

of objects for all manner of prices, not just too do some younger clients find our ways of held knowledge are just a few of the things

My first memory of Leonard Joel is my father the very expensive ones.

doing business a little antiquated and quirky.

we are changing. How? Well, Leonard is a

Kurt Albrecht walking with me as a young Leonard Joel is grand in its scope – from the I love auctions; the spectrum of human- big start! In this and every issue you will find child from Kozminsky to their old bluestone oldest and most original weekly auction of ity that pervades our little economy and for every month a valuable capsule of recent auction rooms around the corner and down its kind in the country to the more rarefied the highly social nature of people com- results, forthcoming events, helpful tips and the McKillop Street lane in Melbourne’s world of catalogue auctions we are the great ing together to look, to explore , to learn contributions from industry experts.

CBD. I have a vague memory of Kurt handing Australian auction house that has evolved and maybe to also acquire something that But while auction catalogues and brochures over payment, collecting some treasure and with Australian society. Half a century ago reminds them of a special time, a place or have remained largely the same for the last introducing me to the cashier. That moment Leonard Joel himself would not have imag- perhaps a moment. But what I don’t admire half century, Leonard will not. Every issue remains a blur and I had no idea at that young ined that his auction house would one day are the invisible barriers that prevent our will change and hopefully (with your feedage how fascinating and addictive the econ- be offering Featherston chairs, cutting edge auction world becoming more accessible and back) improve. If there is something we omy for beautiful things (as I like to think photography as art and Hermes bags. But comprehendible for younger clients, timid know that you would like to know or maybe about it) would become for me.

that is the nature of an attuned auction collectors or simply people that would love something you know that you think we

Leonard Joel is, in every sense, the Austral- house; one that adapts to and then reflects to visit. These barriers are thawing but they should know, please let us know and we will ian institution that defined the Australian the changing tastes of its community. It’s fair are as old as the antique trade itself when pri- make every effort to bring it to Leonard as auction market for art and antiquities. More to say that the collecting habits between 1945 vate clients weren’t sure whether they could soon as possible.

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CONTENTS

GET LEONARD ALL THE TIME With more specialist categories and auctions than any auction house of its kind in Australia, Leonard is the simplest way to remain abreast of all forthcoming auctions, important sales results, events and auction

OCTOBER CONTENTS

news. With expert contributors from all fields of collecting Leonard will be an indispensable tool for both

CALENDAR 3

the seasoned auction-goer and the new collector alike.

Leonard is available both free at Leonard Joel and

NEWS 4 MODERN DESIGN SALE

6

inc GST (postage & handling). Visit us online at www.

OCTOBER ART PREVIEW

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contact keryn.gilchrist@leonardjoel.com.au.

THE NEW COLLECTOR

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ART – OCTOBER PREVIEW

leonardjoel.com.au or for subscription information

10

THINKING OF SELLING?

JEWELLERY 12 CLASSIC FURNITURE AND OBJECTS 14 SCHULIM KRIMPER – PROFILE

SUBSCRIBE

online or can be subscribed to for an annual fee of $44

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COLLECTABLES 16 THE WEEKLY

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PRE OWNED LUXURY

19

VALUATION SERVICES

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AT AUCTION

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ART BUSINESS

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FROM SINGLE ITEMS TO COLLECTIONS

TAILORED TRUST AND ESTATE SERVICES

If you have a single item or collection you Leonard Joel has a long and distinguished wish to sell, the Leonard Joel team of spe- history of assisting both trust companies and cialists can guide you through the entire val- executors with the dispersal of important uation and auction process. We can provide collections. We provide fiduciaries (lawyers, you with experts across all collecting fields, trust officers, accountants and executors) no less than thirteen categories of auction to with a complete suite of services to manage select from and the most expansive calendar accurately and successfully the dispersal of catalogue auctions in Australia. Leon- of large and small estates. Our services are ard Joel specialists conduct insurance and specially designed to aid in the appraisal market valuations for the entire spectrum and dispersal of fine art, antiques, jewelof clients - private collectors, corporations, lery, objet d’art, collectables, books & manumuseums, fiduciaries and government enti- scripts and general household contents. ties are advised by our valuers and specialists on a daily basis.

Our specialists are now sourcing single items and collections for the following categories:

AUSTRALIAN AND INTERNATIONAL ART FINE JEWELLERY AND WRISTWATCHES PRE-OWNED LUXURY CLASSIC OBJECTS AND FURNITURE MODERN DESIGN SINGLE OWNER COLLECTIONS COLLECTABLE TOYS AND SPORTING MEMORABILIA MILITARIA BOOKS AND MANUSCRIPTS

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CALENDAR

FORTHCOMING AUCTIONS

MAX DUPAIN

Little Nude Sold $4,392 (IBP)

The Weekly Auction Every Thursday in 2011 – 10am

ANNUAL PHOTOGRAPHIC AUCTION BECOMES A PERMANENT FEATURE

333 Malvern Road, South Yarra, Melbourne, Victoria

The Outsider Art Fundraising Auction – By Invitation Only Thursday 13th October 2011 – 7.45pm 333 Malvern Road, South Yarra, Melbourne, Victoria

The Sunday Art Auction Sunday 16th October 2011 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Fine Jewellery Auction Sunday 23rd October 2011 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

The Pre-Owned Luxury Auction Sunday 23rd October 2011 – 4pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Decorative Arts & Fine Furniture Sunday 20th November 2011 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Fine Jewellery Auction Sunday 4th December 2011 – 1pm 333 Malvern Road, South Yarra, Melbourne, Victoria

The Sunday Art Auction Sunday 4th December 2011 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Collectables Auction Sunday 11th December 2011 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

In June the Leonard Joel art department also enjoyed a rare offering of early Melconducted its second annual photographic bourne images by Mark Strizic with one auction. The backbone of the auction was of his works (lot 110) realising $2,440. The the final historic dispersal of the Wolf- sale realised $156,000 (IBP) and confirmed gang Sievers Estate accompanied by other that the appetite for photography is growperiod Australian and International pho- ing amongst local collectors – a trend that tography. Not surprisingly, a small version is well advanced internationally. Briar Wilof Gears for Mining Industry by Sievers liams, Head of Art, commented: “The con(lot 95) realised the highest price of $5368 noisseurship displayed amongst the audi(IBP) – this iconic image is considered ence was extraordinary. These buyers are both domestically and internationally to very particular about what they want and be one of the most collectable Australian what they’ll pay. Of lots sold we achieved photographs. A rare work by Max Dupain 120% by value so essentially the audience titled Little Nude (lot 191)realised the sec- added 20% to our pricing which was most ond highest price of $4392 (IBP). The sale encouraging for this emerging category”.

Leonard Joel is a proud supporter of Arts Project Australia

LEONARD

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NEWS

DECORATIVE ARTS JUNE RESULTS Consigned by a private vendor on one of proved to be drawcards for attendees at Leonard Joel’s weekly appraisal days, the Sunday’s auction. vase, lot 337, was identified by weekly auc- Friends, former clients and family in tion staff and specialists as the work of the attendance helped to realise a clearance Kyoto master, Namikawa Yasuyuki, and was rate of 88% for the Letty Jewell collecjudged to be a piece of fine quality and in tion, with only a handful of items failing to exceptional condition. Conservatively esti- find a buyer. Highlights included lot 33, an

JON DWYER RETURNS TO LEONARD JOEL

mated at $8,000-$10,000, the vase attracted assembled Royal Worcester dessert service, the interest of buyers from New York and which sold for $7,200 (IBP) and lot 90, a London, before selling after heated compe- Chinese export silver tea set, which sold to tition to an Australian collector for $38,400 a Hong Kong buyer for $5,700 (IBP). (including buyer’s premium).

On the heels of the Royal Worcester Austral-

Another notable individual result from ian Wildflower series vase sold by Leonard

Leonard Joel is delighted to announce the appointment of Jon Dwyer to the

the auction was an outstanding exhibition Joel in November last year, three groups of

position of Senior Adviser to the Art Department. Jon will enjoy a consulting ar-

quality pair of Sevres style ormolu mounted plates from the series were the most popu-

rangement with Leonard Joel and continue to manage his extensive private and

porcelain lidded vases, lot 265. Consigned lar items in the estate of the late Philomena

institutional client base.

from the estate of a prominent Toorak col- Skurrie, with a group of three plates, lot 214,

Thirteen years after Jon’s departure from Leonard Joel to Christie’s Australia,

lector, a local bidder secured them over a finding a buyer at $4,320 (IBP), and a group

where he headed up the Australian and International paintings department, and

substantial international commission bid of two plates, lot 216, selling at $2,800 (IBP). for $40,800 (IBP).

five years after Christie’s closure, the third generation Australian art expert is

Leonard Joel is now seeking entries for our

The collections of High Street antique November Decorative Arts and Fine Furni-

returning to Leonard Joel to assist it with its gradual but deliberate return to the

dealer, the late Letty Jewell, and local col- ture auction. The catalogue must close on

sale of more valuable Australian art, collections and related categories.

lector, the late Philomena Skurrie, also Friday 1st July.

Between the 1960s and 1990s Paul Dwyer (Jon’s father) and then Jon Dwyer directed the Leonard Joel art department that dominated the Australian art auction landscape. As early as the 1960s, Jon’s father Paul was laying the foundations of the modern Australian art market with the dispersal of historic private art collections such as George Page Cooper, Sir Hans Heysen, and Charles Ruwolt.

Jon Dwyer’s affinity with Leonard Joel and its clients spans decades and will provide the firm with enhanced expertise and client contacts.

SYDNEY JEWELLERY REPRESENTATIVE APPOINTED Leonard Joel is delighted to welcome Helen Ilich as Leonard Joel’s Sydney Jewellery representative. Helen is contractually engaged as a Gemmologist FGAA and Jewellery specialist, based in Sydney.

Helen Ilich, Sydney Jewellery Representative can be contacted on 0410 920 101

Namikawa Yasuyuki Vase Sold $38,400 (IBP)

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LEONARD

NEWS

THE STOCK IN TRADE OF IRENE CHAPMAN ANTIQUES

CONSIGNING NOW Jewellery Including important signed jewellery, collectable wristwatches, Australian jewellery and pre-owned luxury Entries invited for December sale / Close Friday 28 October

Art

A popular installment in the regular round

Including important international art Entries invited for December sale / Close Friday 4 November

of weekly auctions are the single vendor collections often exhibited in our Red Room. Recently, local antique dealer and long term Leonard Joel client, Irene Chap-

Classic Furniture and Objects

man, decided to close her last remaining

Including modern design and single-owner collections Entries invited for December sale / Close Friday 14 October

store in Brighton and cease her trading of over fifty years. Irene’s stock in trade auction at Leonard Joel on Thursday 15th

Collectables

September proved yet again that great results can be achieved through a select

Including toys, sporting memorabilia and militaria Entries invited for December sale / Close Friday 28 October

and focused approach to auctioning private collections.

As a young girl in the 1940s Irene Chapman purchased her first treasure, a piece of Mary Gregory glass from a local fete. Later, by way of a favour to her local Parish priest,

MONTHLY TOY SALE

she sold on his behalf a box full of antique buttons to raise funds for much needed church repairs. These experiences developed into a lifelong passion for dealing and trading in antique wares and resulting in a most eclectic auction offering.

Regular bidders and newcomers alike were treated to an extensive collection of Eng-

The inaugural monthly Toy Sale on 8 September was a resounding success.

lish and continental silver, Italian porcelain

Participants in the room competed with international online and absentee bid-

and Chinese cloisonné.

ders for 64 lots of Dinky, Matchbox and Corgi diecast models. The sale was 95% sold by volume and 100% by value. The highlight of the sale was lot 38, a rare orange Matchbox 1-75 series Rotinoff Super Atlantic Trailer that realised $1,560

LEONARD JOEL AND ARTS PROJECT AUSTRALIA PARTNERSHIP

(IBP) against an estimate of $1,400-1,800. The next Monthly Toy sale will be held on Thursday 6 October.

Leonard Joel is delighted to announce a four that four full-colour annual catalogues will year partnership with Arts Project Australia.

be published each year, giving yet again

The partnership will see Leonard Joel pub- another opportunity for our artists to reach lish a full colour art catalogue, the Leonard out through their art.’

Joel series, each year including Arts Project ‘From my first visit, says John Albrecht, Australia’s featured artists. Leonard Joel will Managing Director of Leonard Joel, ‘I was also host an annual fundraising event for Arts overwhelmed with emotion at what the Project as well as providing a space to display people of Arts Project Australia achieve on and sell Arts Project Australia artwork.

a day to day basis. As a father of three, it is

Arts Project Australia supports people with more than poignant for me to see how this disabilities to become practitioners in the organisation nurtures these special artvisual arts. The studio and gallery nurtures ists. Leonard Joel is delighted to enter into and promotes artists with an intellectual partnership with Arts Project Australia and disability as they develop their body of work. looks forward to an ongoing relationship ‘This is a really important partnership for that will benefit both organisations’. us’, says Sue Roff, Executive Director, Arts Project, ‘giving our artists the opportunity Arts Project Australia to reach a wider audience and whilst our 24 High Street, Northcote artists enjoy much success with our exhibi-

A rare orange Matchbox 1-75 series Rotinoff Super Atlantic Trailer Sold $1,560 (IBP)

tion program, I believe this will bring our Gallery open: Monday to Friday 9am - 5pm artists to a new audience. I’m also thrilled Saturday 10am - 1pm

LEONARD

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OCTOBER

MODERN DESIGN SALE

MODERN NAMES DRAW OUT MELBOURNE CONNOISSEURS WITH AN EYE FOR DESIGN AUGUST SALE RESULTS

Just under 200 lots of signature European and Australian design went under the hammer in August at the second annual Leonard Joel Modern Design auction in Melbourne.

Architects, designers and private collectors filled the room and generated keen bidding for the post-war offering. The highest prices paid covered a spectrum of famous living and deceased designers with Kofod-Larsen, Wegner, Featherston and Krimper dominating the proceedings. The highest price on the day was paid for lot 181 (illustrated), a handsome rosewood sideboard by KofodLarsen which realised $13,200 (IBP). Dining suites by Wegner, Featherston and Krimper also attracted strong bidding with lot 180 achieving the highest price in this category,

OCTOBER

finally selling for $7,560 (IBP). Leonard Joel was also delighted to offer a collection of Featherston furniture that had been in a private Melbourne collection for more than half a century – lots 126 to 128 from this collection realised in excess of $16,000. The sale was also interspersed with interesting objects, jewellery and more utilitarian design and confirmed Leonard Joel’s status in Melbourne as the only auction house committed to the development of this important and emerging category. Modern Design entries are now being invited for our November round of auctions. To discuss your Modern Design collection contact Guy Cairnduff on 03 8825 5611 or email guy.cairnduff@leonardjoel.com.au

Kofod-Larsen Sideboard Sold $13,200 (IBP)

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LEONARD

OCTOBER ART PREVIEW

OCTOBER PREVIEW – SPANISH SCHOOL

SPANISH SCHOOL (EARLY 18TH CENTURY) Portrait of a Courtly Couple Oil on canvas, 182 X 91 cm (each) Estimate $15,000 – $20,000 The Sunday Fine Art Auction – 16 October at 2pm

LEONARD

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OCTOBER

THE NEW COLLECTOR

THE NEW COLLECTOR

BY JOHN ALBRECHT

When the world’s most famous international field. Fast forward approximately a further often giggled at by the purists or the connois- this new, more open and perhaps more playart dealer Joseph Duveen made the connec- 30 years and the extremity of this collecting seurs (whatever that now means) the effect ful approach to collecting and appreciation tion between the plentiful supply of Euro- (r)evolution culminated in the acceptance of of this “democratisation of collecting” meant has not demeaned or lessened the periods pean art and antiquities and the voracious comic, sexualised, contemporary, pop star that design and utility would no longer be and connoisseurship that went before it but American appetite to acquire and collect, subject matter as art worth collecting in the excluded from collecting and art discourse. rather has added new dimensions and paths what began was the most profound shift in form of works by the now perhaps “not so In this new era a simple chair, a working for collectors to travel, less restrained by art the art economy for centuries. Before the out there” American Jeff Koons. Fast for- radio, a piece of luggage, a toy robot or a cor- history and traditional collecting thinking.

20th century the acquisition and assembling ward another two decades and Damien Hirst, porate photo began to be reinterpreted not I remember an extraordinary gentleman that of collections was the preserve of nation the artist famous for presenting preserved just as functional but as beautiful.

frequented Leonard Joel and other auctions

states, monarchies, public museums and sharks suspended in tanks of formaldehyde It is easy to forget that photographers were houses in the early 1980s who quite liternobility. American dollars changed all that by with pretentious titles has come to epitomise not really considered “artists” until the sec- ally bought up all the 1960s and 1970s Italat least beginning the process of redefining the extent of collecting boundaries or, if you ond half of the 20th century when trail- ian glass that he could get his hands on. He what it meant to collect. No longer would the take the Robert Hughes approach, the end of blazers such as Max Dupain and Wolfgang bought everything for a song during a period art and objects offered for sale be restrained art as it becomes simply another commodity.

Sievers proved that there was a difference when Italian glass was largely viewed as

by the prevailing tastes of the “art intelligent- But these great shifts in art and taste over, say, between “snapping a picture” and creating “that strange looking vase that Mum and Dad sia” but the collecting habits and bents of the last 120 years were not simply about what a compelling photographic image. But pho- brought back from their overseas trip that individuals, with profound financial capac- art or antique periods should be collected or tography, in the context of the rise of fashion, sits on the mantelpiece”. Not only was this ity, would broaden dramatically the scope of considered “collectable” but also about actu- has arguably enjoyed one of the more easy type of art glass largely scoffed at by dealers what it meant to collect and what one was ally what could be collected. Put simply, if progressions to collectable status. Other cat- and collectors at the time but also it quite lit“allowed” to collect.

the 1900 – 1960s was still stuck in discussions egories that have in some ways, seemed to erally escaped them that artistic and histori-

The turn of the 19th century and the early about whether to collect Georgian or Victo- just appear from nowhere are still develop- cal merit lay within these quirky items. After 20th century was arguably the first and most rian furniture or whether Edwardian design ing their own followings and space within a 15 year collecting period this same gentleprofound change when collectors looked was not as historically important as the Art the international collecting community. man transacted his collection of art glass beyond the great traditional manners of Nouveau movement, the 1960s onwards What is now described as modern design (or internationally for a handsome sum and at painting and ventured (yes, it was considered marked the period within which collecting post-war utilitarian objects and imagery) has the time it was considered one of the great bold at the time) in to the galleries offering mantras about age, medium, rarity, produc- enjoyed the greatest growth amongst collec- international collections. first Impressionist and then Abstract art. tion techniques, artistic merit and utility tors and an authentic acceptance by more tra- The minds and the eyes of these collectors are Then, in the first half of the 20th century were shattered. Now one could collect Coke ditional collectors that just because objects ultimately the ones that extend our appreciaAmerican magnates and heirs, unrestrained bottles, petrol station signs or anything with or imagery may have been “birthed” on a tion of the arts, of design, of beauty and of by prevailing English and European tastes, a thematic logic and one was a collector. And production line do not mean they cannot also what it might mean to be a new collector. began to widen the berth of the collecting while these manifestations of collecting are claim to possess artistic merit. In my view,

Originally published in Art and Antiques – August 2011

OCTOBER

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LEONARD

FEATURE

WOLFGANG SIEVERS Gears for Mining Industry Sold May 2010 $20,400 (IBP)

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OCTOBER

ART – OCTOBER PREVIEW

TIM STORRIER (BORN 1945) Point to Point 1985, Mixed media on paper, 87 x 116cm, Estimate $25,000 – $30,000

OCTOBER ART SALE Clifton Pugh Nude 1982 Oil on board Sold $21,600

ALISON REHFISH (1900-1975) Mixed bunch Oil on board, 30 x 26cm Estimate $1,000 – $2,000

Auction Sunday 16 October 2011, 2pm

OCTOBER

EVELYNE SYME (1888-1961) Moorings Oil on board, 60.5 x 40cm Estimate $6,000 – $8,000

18TH CENTURY EUROPEAN SCHOOL Classical Harbour Scene with Figures Oil on canvas, 101 x 134cm Estimate $4,000 – $6,000

Preview Wednesday 13 October 2011 9am – 8pm Thursday 14 October 2011 9am – 5pm Friday 15 October 2011 9am – 5pm

CHARLES BLACKMAN (BORN 1928) Camp Fire by Moonlight Oil on glass, 58.5 x 74cm Estimate $25,000 – $35,000

Saturday 15 October 2011 10am – 5pm Sunday 16 October 2011 10am – 2pm

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ART

SOLD – THE LINA BRYANS COLLECTION OF TRIBAL ARTEFACTS In August a fine collection of artefacts from Regions of Australia was sold in our special ans maternal grandfather, who practiced as sioner of the Eastern Pacific and later became

ART

the South Pacific, Papua New Guinea, Tiwi weekly art auction. The collection was origi- a solicitor of the Supreme Court of the Cook Acting Chief Justice of the High Court of the Islands and the Western and Central Desert nally assembled by Edward Blaine, Lina Bry- Islands and in 1901 was appointed Commis- Cook Islands.

A late 19th Century/Early 20th Century Wunda Shield SOLD $1920 (IBP)

SPECIALIST PRINT AUCTIONS

In March 2011, the art department was featured rare historical prints such as John delighted to revive a Leonard Joel tradition, Lycett’s early views of Australia and naturalwith the launch of our Specialist Print auction ist engravings by Charles Alexandre Lesueur. series. These auctions bring together Austral- In addition this auction had a strong section ian and international graphics of various tech- of Japanese woodblocks and also showcased

RAYMOND ARNOLD (BORN 1950) History II 1990 copperplate engraving 2/4 129 x 88.5cm Sold $1080 (IBP)

niques, ranging from early 19th century hand some of Australia’s best contemporary print coloured engravings on natural history to makers such as Charles Blackman, Brett modern and contemporary screenprints and Whiteley and John Olsen. lithographs.

The Specialist Print Auction provides enthu-

The inaugural Specialist Print auction was siasts of this often overlooked medium, a a resounding success, realizing a clearance fantastic opportunity to acquire exceptional rate of 90% by lot and over 100% by value and and interesting historical and contemporary these sales have set a number of record auc- prints. tion prices for artists in this medium including We

are

currently

consigning

for

our

Raymond Arnold’s History II which sold for November Print Auction. Contact Nicole $1,080 (illustrated).

Salvo on 03 8825 5624 or email nicole.salvo@

Our Print Auction in September confirmed leonardjoel.com.au with enquiries. the appetite for this specialist category and

NOW CONSIGNING FOR THE DECEMBER SUNDAY FINE ART AUCTION LEONARD

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OCTOBER

JEWELLERY

A Russian Diamond and pearl pendant necklace modeled on Catherine the Great’s original Estimate $45,000 – $55,000

PREVIEW OF OCTOBER FINE JEWELLERY

An Art Deco emerald and diamond brooch Estimate $2,500 – $3,000

Auction Sunday 23 October 2011, 12pm

OCTOBER

A rare Type IIa Natural Fancy Purplish Pink diamond ring Estimate $120,000 – $150,000

Preview Wednesday 19 October 2011 9am – 8pm Thursday 20 October 2011 10am – 4pm Friday 21 October 2011 10am – 4pm

Saturday22 October 2011 10am – 5pm Sunday 23 October 2011 10am – 12pm

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LEONARD

JEWELLERY

A diamond and enamel horse and jockey brooch Estimate $1,000 – $2,200

PREMIUM MARGARET RIVER WINEMAKER VISITS LEONARD JOEL

An Art Deco diamond bracelet Estimate $10,000 – $12,000

On Saturday 22nd October Fermoy Estate will be conducting a wine tasting event exclusively for Leonard Joel jewellery clients in our upstairs gallery. For further information contact Monique Le Grand on 03 8825 5620

ART DECO DIAMOND JEWELLERY SHINES AND PATEK PHILIPPE Results from the August Fine Jewellery Sale At the Leonard Joel Fine Jewellery & Watches auction period jewellery from the 1920s again confirmed its attraction and timeless appeal. Lot 90, an Art Deco diamond plaque ring of the more rare oval design with delicate pierced work, realised $13,200 (IBP) against estimates of $7,000 – $9,000. Lot 220, a Marquise diamond ring, realised $37,000. Later in the auction lot 205, an Art Deco ruby and diamond necklace, realised $6,600 (IBP) against estimates of $4,000 – $5,000. An interesting highlight of the auction was lot 225, a rare star sapphire ring that realised $9,600 (IBP). Historical items also fared well with lot 101, a rare miniature depicting one of the family members of the Fremantle family, selling for $1,920 (IBP). Amongst the watches on offer highest prices went to two watches by the watch-masters Patek Philippe – lot 22 was of the rare rectangular design in platinum and realised $6,600 (IBP) and lot 24 was one of the more modern 18 carat yellow gold circular designs and realised $7,200 (IBP).

Marquise Diamond Ring Sold $37,000 (IBP)

NOW CONSIGNING JEWELLERY, WATCHES AND PRE OWNED LUXURY FOR DECEMBER 2011 LEONARD

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OCTOBER

CLASSIC FURNITURE AND OBJECTS

THE SPECIALIST COLLECTOR

CLASSIC FURNITURE OBJECTS DESIGN

HISTORY CONTINUES FOR A LANDMARK KEW COLLECTION AT THE CLENDINNEN AUCTION On Sunday the 25th September, over 300 medical practitioner to introduce x-ray to

A STERLING SILVER MOUNTED CAMEO GLASS SCENT BOTTLE Attributed to Thomas Webb and Sons, English, circa 1880 Depicting a swan, cameo cut in white overlay on a blue ground, 23 cm long.

Estimate $12,000–$18,000 Decorative Arts and Fine Furniture Auction – 20 November 2011

bidders gathered in the grounds of 20 Victoria and much of the contents of his Barry Street, Kew, in eager anticipation of Collins Street consulting rooms are now the auction of the Clendinnen Collection, held in the collections of the Melbourne which promised to be a landmark house Museum. contents dispersal of the type seldom seen Among the most interesting features of the since the 1980s. When the sale commenced auction, was the house itself. It was impos-

ENTRIES INVITED CLASSIC FURNITURE OBJECTS & DESIGN

at midday, the standing-room-only crowd sible to ignore the grandeur of Ian and Lor-

Auction Sunday 20 November Melbourne

champagne preview and the excitement of clocks and objects.

were not disappointed – the auction even raine’s stately Victorian mansion, with the attracted the attention of the ABC, who, imposing staircase at the main entrance with host William McInnes, filmed the leading the way to a myriad of corridors progress of the auction from the setting up and rooms to be explored, each decorated of the marquee, to the public viewing, the in period style with fine antique furniture, auction day.

Highlights from the auction included lot

A total of 439 lots went under the hammer 202, an outstanding cedar and rose mahogduring the day, including fine English and any cellaret; lot 109, a Victorian mahogany

Now Consigning

Continental furniture, clocks, scientific tester bed and lot 85, a Regency Cary’s

Australian and International Modern Design; European and Australian

instruments, decorative arts and paintings celestial globe. Lot 60, a superb quality Chi-

Furniture; Porcelain; Silver; Clocks; Australian Decorative Arts; Asian

from the collection of Lorraine Clendinnen nese embroidered silk panel, was the sub-

Works of Art; Single Owner Collections

and her late husband, Ian. The composition ject of intense international interest. of the collection reflected Ian’s lineage to a As the history of the collection in the

Entries must close Friday 14 October

family steeped in scientific innovation and Clendinnen family’s ownership came to a endeavour. A general practitioner himself, close, Sunday’s auction marked the begin-

Specialist enquiries contact Guy Cairnduff on 03 8825 5611

Ian’s grandfather, Frederick John Clendin- ning of a new story in the homes of other nen (1860-1913), was recognised as the first avid collectors.

OCTOBER

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MODERN DESIGN

BY GUY CAIRNDUFF

SCHULIM KRIMPER

PROFILE OF AN ECCENTRIC CRAFTSMAN

Schulim Krimper (1893-1971) is the latest in a

a watershed period in Australian design his-

design during the nineteen fifties and sixties. of family friend and National Gallery of Vic-

procession of Australian post-war designers

tory. After WWII renewed consumer confi-

Born on 28 July 1893 in the Eastern European toria assistant director Robert Haines that

to be re-discovered by the art buying public,

dence and demand for luxury goods led to

town of Bukovina, Krimper later thwarted Krimper began to gain widespread recogni-

offering the promise of re-invigorating the

the emergence of a plethora of design stu-

his family’s attempts to steer him toward a tion. The association with Haines led to the

stagnant furniture market, which may finally

dios aligned with major department stores

professional career, opting instead to under- gallery’s acquisition of examples of Krimp-

see collectors’ demand for Australian design

and an increased general awareness of Aus-

take an intensive four-year apprenticeship as er’s work, and the staging of an exhibition of

gain on their appetite for contemporary Aus-

tralian design. He stood apart from his post-

a cabinetmaker.5

tralian paintings.

war design contemporaries such as Grant

Following a period of military service during former employer Georges Ltd. This was fol-

Renowned as much for his eccentric persona

Featherston, Clement Meadmore and Doug-

World War I, Krimper settled in Berlin, rev- lowed in 1956 by the exhibition of twelve

as for the exquisite articles of furniture he

las Snelling, resisting the trend toward mass

elling in the cultural and intellectual stimula- Krimper pieces at the Rockefeller Centre, in

produced, Krimper’s oeuvre is character-

production, preferring instead the autonomy

tion offered by the metropolis. However, the New York.8

ised by meticulously considered design and

and quality control afforded by a commis-

rise to power of Adolf Hitler and the ensuing In 1975, following Krimper’s death in 1971,

exacting standards of craftsmanship.

2

Krimper’s furniture at the gallery of Haines’

His

sion based business. The extreme side to

ground swell of anti-Semitism in Germany a memorial retrospective exhibition of his

uncanny ability to take functional compo-

Krimper’s personalised approach to his cli-

prompted Krimper to enter a retraining pro- work was held at the National Gallery of

nents such as dovetail joints, drawer han-

ents is recalled in stories of visits to his cli-

gram with the intention of emigrating.6

dles and locking mechanisms and reinter-

ent’s homes and the issuing of instructions

In August 1939, Krimper and his wife Els- authority and curator at the National Gal-

pret them as design features is testament to

on how their homes were to be decorated in

beth arrived in Australia and joined family lery, Terence Lane, now considered to be the

both his curious nature and his innovative

order to complement his furniture.4 This was

in Melbourne. He resumed cabinet making definitive text on the craftsman.

approach to design. Krimper was also unique

balanced by the fond childhood recollections

in a workshop and shop front on High Street Provenance, exhibition history and the all-

for producing designs which emphasised the

of the son of one of Krimper’s former clients

St Kilda, initially in partnership with his important designer’s signature are hallmarks

natural beauty of the woods he worked with,

accompanying his parents to the High Street

brother-in-law and a friend and then in his of the most sought after Krimper furniture.

at a time when experimentation in synthet-

workshop and playing in the piles of sawdust

own right.7

ics was the fashion. He worked in a variety

while his parents discussed their prospective

While the High Street workshop signified the the outstanding prices achieved for Krimper

of Australian woods including Queensland

purchase with the craftsman.

achievement of a long held ambition to own furniture at auction over the past decade. In

blackbean and silky oak, but his interests also

One of a generation of Jewish European

his own business, the production restrictions August 2011, a signed blackbean sideboard

extended to more exotic species from Africa,

immigrants displaced by the spread of fas-

and austerity of the interwar period meant offered at Leonard Joel realised $7,800 (IBP).

New Guinea and New Zealand.

cism in Europe in the nineteen thirties,

that Krimper was reliant on government Two further pieces were offered in the same

Krimper’s rise to prominence coincided with

Krimper rose from humble beginnings to

contracts for producing ammunition boxes, auction, including a blackbean dining suite

1

3

be in the vanguard of Australian post-war

Victoria, with the catalogue by Krimper

This rule of thumb has been demonstrated in

from which he derived a subsistence living. and a teak coffee table.

It was not until 1947, when his work came to In May 2006, a Queensland blackbean bookthe attention case exhibited in the 1975 memorial retrospective of Krimper’s work at the National Gallery of Victoria sold at auction in Sydney for $24,000.

So, when next thumbing through the pages of an auction catalogue, why not also consider acquiring an elegant blackbean sideboard to offset that new John Coburn painting?

Or perhaps a sleek cabinet in African walnut to display that Giles Bettison murrine glass vase? The renewed interest in Schulim Krimper serves not only as a reminder of the artistic heritage in our own backyard, it also gives the decorative arts a well deserved turn in the limelight and reinforces the idea that good art and good design are one and the same thing.

1. Lane, Terence, Schulim Krimper: Cabinet-maker, A Tribute by Mark Strizic and Terence Lane, Gryphon Books, 1987, p.21 2. Bogle, Michael, Design in Australia, 1880-1970, Craftsman House, 1998, pp. 68, 78.

3. Lane, Terence, Schulim Krimper: Cabinet-maker, A Tribute by Mark Strizic and Terence Lane, Gryphon Books, 1987, p. 17 4. Ibid, p. 23.

5. Ibid, p. 12.

6. Ibid, p. 14.

7. Ibid, p. 16.

8. Ibid p. 17

Schulim Krimper Sideboard Sold $7,800 (IBP)

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OCTOBER

COLLECTABLES

COLLECTABLES ROUNDUP An important football presented to Tom Banks, captain of 1895 VFA Premiership winners Fitzroy was the highlight of our highly successful May sale. The ball was used in Fitzroy’s final match of the season versus South Melbourne. A hard fought draw secured an historic first premiership for Fitzroy. The ball was keenly contested by several private collectors and was finally knocked down for $12,000 IBP, well beyond the pre-sale estimate of $5,000-8,000. The sale overall was 80% sold by volume and produced strong prices for diecast toys, film posters, classic radios and railway memorabilia. Standout prices included a rare Dinky 989 Car Carrier for $3,840 IBP (estimate $1,200-1,600), an Australian daybill poster for ‘War of the Worlds’ for $1,140 IBP ($900-1,200), a French 1950s chrome Excelsior radio for $2,400 IBP (estimate $600-800) and a Diesel Locomotive number plate ‘S 302’ for $2,640 IBP (estimate $800-1,200). For collectables enquiries contact Giles Moon on 03 88255635 or email giles.moon@leonardjoel.com.au

An Important 19th Century Football Sold $12,000 (IBP)

RADIOS

In 2010 Leonard Joel was entrusted with the sale of one of the finest collections of radios in Australia. This private one owner collection comprised more than 600 Australian, American and European radios from 1920s-1950s. The two part sale realised more than $700,000(IBP) and set several records including the highest auction price for an Australian radio; a unique marbelized white and brown Airzone Symphony Leader sold for $26,400(IBP).

Airzone Symphony Leader Sold $26,400 (IBP)

OCTOBER

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LEONARD

COLLECTABLES

CAMERA COLLECTIONS SNAPPED UP BY INTERNATIONAL AUDIENCE During 2010 Leonard Joel also sold two collection ranged from early wood body important private collections of vintage camera, optical toys and detective cameras cameras. The Collections of Dinesh Parekh to sub miniature ‘spy’ cameras and Leicas and Blair Russell featured cameras and and accessories. Highlights included a Poloptical material dating from the 1840s to yrama Panoptique optical toy which sold the 1960s, including early wooden cased for $2,952 (est $450-550), a special edition cameras, 19th century detective cameras Rolleiflex 2.8f Aurum sold for $7,800 (est and Leica cameras from 1920s to 1960s. $1,800-2,500). The pick of the Leicas was The two collections realised more than a rare 250GG Reporter camera which real$440,000(IBP). The Parekh collection of ised $7,200 (est $4500-5500). cameras literally encapsulated the entire With a sale total of $303,564 IBP, a pre-sale history of photography and was keenly estimate of $160,000-220,000 and a sale by sought by local and international clients. value of 163%, the auction was a resoundNew benchmark prices were set for all ing success and it has further cemented manner of makes and models with a natu- Leonard Joel’s reputation as the foremost ral enthusiasm for the splendid offering Australian auctioneers for specialised dating between the 1840s to 1960s. The international collections.

Kodak Ektra Outfit Sold $4,320 (IBP)

THE SEPTEMBER COLLECTABLES SALE The 4 September Collectables sale included an eclectic range of more than 300 lots of vintage toys, classic radios, film posters and lobby cards, sporting memorabilia and other nostalgia. Competition was fierce between saleroom and international online bidders resulting in very strong prices throughout all categories. The sale was 93% sold by volume and 100% sold by value. One of the highlights was lot 303 a rare set of US lobby cards for the swashbuckling Errol Flynn movie The Adventures of Robin Hood that realised $1,920(IBP) against an estimate of $800-1,200. Lot 273, an iconic Australian blue bakelite Astor Baby ‘Football’ radio sold for $4,080(IBP) against an estimate of $1,600-2,200. Vintage football memorabilia also shone, notably lot 283; two uncut sheets of Allen’s Australian Footballers cards sold for $720(IBP) against an estimate of $500-800.

Set of USLobby Cards Sold $1,920 (IBP)

LEONARD

17

OCTOBER

THE WEEKLY

THE WEEKLY VIEWING

AUCTION

Every Wednesday from 9am to 8pm literally thousands of private clients and members of

Every Thursday beginning at 10am Leonard Joel auctions the most fascinating and

the antique and arts trade have made visiting Leonard Joel one of their weekly rituals. All

expansive array of objects, art, design and interior furniture in the country – it is no

items offered for sale can be viewed on this day and we have expert specialists available

exaggeration to state that after 90 years our weekly auction has become a Melbourne

to answer any questions you might have. The auction can also be viewed on our fully

institution that in so many ways retains the original character and atmosphere of a 19th

illustrated website from 10am Wednesday morning.

century auction room.

A DANISH ROSEWOOD PEDESTAL DESK with six front drawers and open shelf compartments to the reverse Estimate $1000 – $1500 The Weekly Auction – 13 October

After 90 years Melbourne’s most idiosyncratic weekly auction is now fully illustrated online at leonardjoel.com.au OCTOBER

18

LEONARD

PRE OWNED LUXURY

PREOWNED LUXURY

A BIRKIN HANDBAG BY HERMES The 30cm handbag in graphite ostrich leather and silver metal hardware, with original box Estimate $16,000.00 – $22,000.00 Pre-Owned Luxury Auction – 23 October 4pm

VINTAGE COUTURE COMES OF AGE IN MELBOURNE WITH A SUSTAINABLE EDGE At the August Pre-Owned Designer Clothing, Accessories and Furs Auction, Leonard Joel’s status as “the Melbourne auctioneers” for this exciting new category was cemented.

More than 150 people packed the saleroom for the second time this year to snap up vintage leather goods, clothing and accessories from every major fashion house and designer.

Handbags from global fashion houses and fine quality furs were keenly contested and one bidder quipped that not only was it fun to acquire select pieces from this era but it was also “sustainable shopping”. When asked what she meant her reply was: “I can go in to a fashion house and pay retail for new leather and fur and feed the problem of the animal trade or I can buy here and at least shop from the pool of what has already been produced globally – this approach ticks all the boxes for me”. Highlights from the sale included lot 465, a Le Talentueux handbag by Louis Vuitton, which realised $1,800 (IBP) and lot 581, a black diamond mink jacket by Seymour Cornelius, which realised $1,020. The auction generated in excess of $60,000 with an exceptional sale rate of 86% by value and 73% by volume.

For Pre-Owned Luxury enquiries contact John D’Agata on 03 8825 5605 or email john.dagata@leonardjoel.com.au

VINTAGE CLOTHING FROM THE SANDIE BIZY COLLECTION Over 100 items of fashion clothing including this exquisite Christian Dior New York gown from the 1950’s.

Auction Thursday 27 October 2011, at 10.30am

LEONARD

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OCTOBER

VALUATION SERVICES

VALUATIONS & ADVICE TYPES OF VALUATIONS INSURANCE VALUATIONS

MARKET VALUATIONS

SUPERANNUATION While the storage and display of your col- Generally speaking, clients considering sell- INVESTMENTS & COLLECTION lection can protect against obvious domestic ing items at auction require a market valua- MANAGEMENT

MAKE AN APPOINTMENT Leonard Joel can provide specialist expertise across all categories with valuers approved by

damage, it is not enough to guard against a tion. A market valuation reflects the value of At Leonard Joel we recognise that some cli- the Australian Government. Scheduled onloss caused in more dramatic circumstances. an item in the current auction market and is ents needs extend beyond simply requiring a site valuations for insurance, market, family To ensure your collection is fully protected the best indicator of the likely selling price valuation for selling or insurance purposes. division and other purposes can be arranged both a valuation and relevant insurance cov- for that item - market valuations are also As the regulatory environment for art and or for simple verbal market valuations you erage is essential. Leonard Joel can assist used for estate, tax, and family division pur- related investing becomes more complex so may prefer to visit us by appointment at our you with expert, thoroughly researched and poses and reflect prices paid for equivalent to does the advice required. Leonard Joel salerooms on Mondays and Fridays. If you documented valuations for insurance pur- items at auction.

provides a uniquely tailored advisory service are considering selling, verbal valuations are

poses so that in the unfortunate event of loss,

for those clients with superannuation issues provided on a complimentary basis.

your collection is fully covered at current

or collections that they require advice on.

replacement values. Leonard Joel insurance

Michael Fox, specialist consultant to Leon- Written Valuations

valuations are fully documented to provide

ard Joel, is recognised as an expert in this Fees for formal written valuations are based

both the insurer and insured with a record of

field and is now available for consultations. on hourly rates for specialists and travel

assets at current retail values.

This specialised advisory service is ideal for:

where applicable.

• Individuals with art-related superannuation investments

For an appointment please contact

• Financial planners

Monique LeGrand on 03 8825 5620 or email

• Private Wealth Management Advisers

monique.legrand@leonardjoel.com.au

• Financial Services Professionals • Accountants • Lawyers

AT AUCTION – NOW FOUR WAYS TO BID At Leonard Joel, there are four methods of BIDDING IN PERSON ABSENTEE BIDDING / bidding: in person, via absentee bid, via our Once you have successfully completed your TELEPHONE BIDDING complimentary telephone bidding service registration you will be issued with a buyer’s If you are unable to attend the auction in (excluding weekly auctions) and now via the number card. To place a bid, simply hold up person, we will be happy to execute writ-

LIVE BIDDING ONLINE Leonard Joel is delighted to have partnered with Artfact, the world’s largest live online bidding platform with more than 1,300,000

popular online live-bidding platform Artfact. your bidding paddle so that the auctioneer ten absentee or telephone bids on your members. Establishing an account is simple can clearly see it. Decide on the maximum behalf. This service is free, completely con- and for a modest fee you can bid at all Leon-

BEFORE YOU BID

amount that you wish to pay, exclusive of fidential and your bid will be executed as ard Joel special catalogue auctions from the To participate in bidding activity at one of buyer’s premium and GST, and continue bid- cheaply as possible. Leonard Joel publishes comfort of your home or office. our auctions, you will be required to establish ding until your bid prevails or you reach your an absentee/telephone bidding form at the a valid client account via either our absentee limit. If you are the successful bidder on a lot, back of each catalogue and you may also bidding form or in person when you attend the auctioneer will acknowledge your paddle download or complete an online form at our auction. Registration information can number and bid amount. www.leonardjoel.com.au. be obtained online or by simply calling our Front of House on +61 (0)3 9826 4333.

OCTOBER

20

LEONARD

ART BUSINESS

ART BUSINESS “ANYTHING THAT DISCOURAGES

THE BUYING OF ARTWORK IS STUPID” COLIN LANCELEY, JULY 2010

BY MICHAEL FOX

One year ago the former Federal Arts

another five years. In other words, collec-

never tested in a court room that the mere

Minister, Peter Garrett, unwittingly provided

tors may rely on the previous regulations

enjoyment of such artworks was some

support for self-managed superannuation

concerning SMSF artworks acquired on or

form of pre-retirement benefit!)

fund (SMSF) investment in the arts, at a talk

before 30 June 2011 until 30 June 2016. If 5. There are new requirements for storage.

at Melbourne University.

these artworks are still held on 1 July 2016

Effectively, collectors should note that

Referring to an image of an Eubena Nampitjin

without complying with the new regula-

storage solutions should be at hand even

painting which had been left on screen by the

tions, the SMSF will find itself in breach

before the decision is made to buy a new

previous speaker, Garrett remarked on the

and this will have consequences for all of

artwork. There will need to be a written

beauty of the work as well as the importance

its investments.

record of the decision relating to storing the

of investing in the Aboriginal art market.

2.

“Related party transactions” are now

artwork and this record must be kept for at

Unknown to Garrett, that particular artwork

outlawed. A good example of a related

least ten years after the decision is made.

belonged to an SMSF collection at a time

party transaction is where SMSF artworks 6. There are new requirements for insur-

the Government was proposing to prohibit

are displayed and leased to a company

ance. Collectors will need to have ready

such future acquisitions. Less than a month

or individual associated with the SMSF.

access to art insurance because the SMSF

later during the 2011 election campaign

Under the new regulations, these arrange-

has no more than seven days to insure new

this proposal was abandoned following a

ments will not be allowed. Further, the

artwork acquisitions and failure to do so

concerted campaign against it by the Save

definition of private residence has been

will result in the SMSF being in breach

Super Art campaign led by Tom Lowenstein

expanded to include land used for private

of the new regulations. Insurance firms

and run by the author.

purpose and buildings on that land, such as

will have certain expectations concerning

Instead of banning SMSF investment in the

a garage or shed.

the way artworks are stored. For example,

arts the Gillard administration pledged to 3.

These provisions also capture same-

the building would have to be secure and

introduce new regulations by 30 June 2011

sex couples through legislation that was

weatherproofed, artworks must be profes-

and indeed that is what was delivered via

passed in 2008, which amended the defini-

sionally stored and they would likely insist

the Superannuation Industry (Supervision)

tion of a “spouse”. A spouse is now defined

a monitored alarm system linked to a secu-

Amendment Regulations 2011 (No.2) legis-

as “another individual who, although not

rity service be put in place.

lated on that day.

legally married to an individual, lives with 7. Artworks may only be transferred out of

These new laws are certainly more onerous

them on a genuine domestic basis as a

the SMSF at a value determined by a quali-

than the previous regulations, however, they

couple”.

fied independent valuer.

Michael Fox is a qualified accountant and professional fine art valuer who successfully ran the Save Super Art campaign to prevent the prohibition of artworks from self-managed superannuation funds (SMSFs). He is a member of the Leonard Joel Valuation Panel and is engaged exclusively by Joel to provide advice to their clients in relation to artwork investment in SMSFs. He may be contacted at michael.fox@superartbusiness.com.au.

do not represent “the arts end of superan- 4.

The “in-house asset” rule has been 8. The new regulations also apply to jewelnuation”, as a certain academic described it

scrapped. As it applies to artworks, the old

lery, antiques, coins, manuscripts and

in April this year.

regulations allowed an SMSF to hold five

certain other collectables with the proviso

So what are the new regulations and what

per cent of its total asset value in the form

that such collectables cannot be used by

are the most important aspects of the

of art in the private residence of a trustee

related parties of the SMSF.

changes? In the absence of an official educa-

or member. (Of course this became a polit- In summary, SMSF artwork investment

tion campaign to inform the art market

ical hot-potato due to the perception that is still alive, albeit a more conservative

about these new laws I make the following

wealthy collectors were enjoying SMSF- strategy may now be warranted. In these

comments:

financed artworks in their own homes new circumstances acquiring works through

1. The new regulations do not apply to

while the less fortunate could not. It also the secondary market will have more upside

collections held at 30 June 2011 for

LEONARD

led to a position adopted by the ATO but than down.

21

OCTOBER

LOOK OUT FOR THE NOVEMBER ISSUE.

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